Audit Sight raises capital to end the back and forth between companies and auditors
Audits of financial statements are an important part of business. However, they can be complex and require documentation gathering. Most often, the auditor will need to communicate with the company via email for any files or information.
T.C. T.C. While he worked for PwC, Whittaker recalls performing audit work in a darkened room and entering numbers into a spreadsheet.
He told TechCrunch that it was very painful. The auditor has to see all the details. From that, the auditor will make some selections. There is often a lot of back-and forth with the client, who is trying to keep their day job. Even then, I thought there must have been a better way.
With Jonathan Womack, he built a company within PwC around cloud systems for audit work. They eventually left PwC last ye to start Audit Sight in Atlanta. This company uses APIs to access client records, and can view 100% of transactions instead of just a sample.
The company announced Friday that it received $2.5 million in seed financing from Hyde Park Venture Partners to continue its development of its software. This was in addition to participation by Alumni Ventures Group as well as individual investors such Johnson Cook, CEO, Greenlight, Aaron Rankin, cofounder of Sprout Social, and John Seybold, and Ken Branson cofounders of Guidewire Software.
Whittaker points out that the US audit services market is expected to reach $43 billion this year. The new funding will allow the company to hire more people to meet that demand. It already has Eric Kingery as chief tech officer and Attila Dookos as executive vice-president of engineering.
The company plans to develop several SaaS applications, and is poised for the rollout of its first modules for revenue or accounts receivables before the end. Audit Sight currently has customers who are testing the software.
Whittaker said that the next step is to get the thing in front of paying customers. Audits are a good thing. They give a lot more trust in how companies are doing. It is also how banks decide if they will lend money. This transparency is something we are pioneering.
Ira Weiss from Hyde Park Venture Partners joined Audit Sight as part of the investment. Weiss was familiar with the company's team at PwC while he was there, and also had a brief experience as an auditor.
His company invests in companies looking to enter large markets and solve problems that can't be solved before. This is because accounting systems have not yet moved to the cloud.
Whittakers' and Womacks previous experience in software and accounting were some of the factors that attracted Weiss to the investments.
He said that he sees a world in which audits can be done quickly and easily. Your audit firm can complete some form of audit in less than one week if you contact them. It could happen in a matter of hours, even if it is 30-40 years away.
